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East Palo Alto council approves $3 million CalPERS payment to cut pension liability
Summary
The council approved a $3 million additional discretionary payment (ADP) to CalPERS to accelerate reduction of the city’s unfunded pension liability and directed staff to evaluate whether roughly $540,000–$575,000 in interest earnings should also be applied in the budget process.
The East Palo Alto City Council voted to send $3 million in additional discretionary payments to the California Public Employees’ Retirement System (CalPERS) to reduce the city’s unfunded pension liability.
Drew Ballard, an actuary with Foster and Foster, told the council the city’s combined unfunded liability across its CalPERS plans was roughly $17.4 million — about $7.2 million for the miscellaneous plan and about $10.2 million for safety — and that the city’s current annual payment to CalPERS is approximately $1.8 million. “The motion that’s in…
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